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Gold in India is considered as a trustworthy ally in case of any financial crisis. Consumers turn to their gold ornaments/metals lying idle in the lockers to get immediate fund requirements at times of financial woes. One option that has lately garnered interest is gold loan.
Several banks have recently launched new gold loan schemes for those who may need funds for emergency. As per experts, borrowers can get the credit transferred almost instantly in case of gold loans.
How to avail gold loans?
Gold loan can be availed online through any bank's website and mobile apps.
"There are various online portals where users can check the gold loan eligibility and compare gold loan schemes offered by various institutes,” says Vaibhav Saraf, director, Aisshpra Gems and Jewels.
After applying for gold loan, the amount is instantly credited to the borrower bank accounts based on the current value of gold jewellery pledged with the lender.
According to V P Nandakumar, managing director and chief executive officer, Manappuram Finance Limited, the customer is, however, required to make a one-time visit to the branch and get gold ornaments appraised for purity and value.
"On handing over the custody, the company issues a receipt (pawn ticket) listing out full details about the pledged ornaments. After handover of the gold, lender is responsible for its safe and secure storage, and it is insured,” he added.